France won its biggest wheat order from top Egyptian importer Gasc in 20 months thanks to a drop in prices far below levels offered from rival shippers, amid concerns over the strain caused to the country's logistics by a poor-quality harvest.
Gasc, the grain authority for Egypt, the top wheat importing country, purchased 180,000 tonnes of French wheat at tender, a volume it last bought from the European Union's top producer and exporter of the grain in January 2013.
The French grain, purchased at an average of some US$229 a tonne excluding shipping, far undercut offers from rival origins, including Russia, whose exports have started 2014-15 at a record pace, backed by a strong harvest.
Indeed, analysis group SovEcon, which on Monday raised by 2m tonnes to 60m tonnes its forecast for the Russian wheat harvest, on Tuesday raised by 500,000 tonnes to 22.5m tonnes its estimate for 2014-15 exports, up from 18.3m tonnes last season.
Read more HERE.
Gasc, the grain authority for Egypt, the top wheat importing country, purchased 180,000 tonnes of French wheat at tender, a volume it last bought from the European Union's top producer and exporter of the grain in January 2013.
The French grain, purchased at an average of some US$229 a tonne excluding shipping, far undercut offers from rival origins, including Russia, whose exports have started 2014-15 at a record pace, backed by a strong harvest.
Indeed, analysis group SovEcon, which on Monday raised by 2m tonnes to 60m tonnes its forecast for the Russian wheat harvest, on Tuesday raised by 500,000 tonnes to 22.5m tonnes its estimate for 2014-15 exports, up from 18.3m tonnes last season.
Read more HERE.
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